This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.Need a new registration confirmation email? Click here

The following tables provide information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust reported company net income and cash flows from operating activities to exclude certain non-cash items.

Adjusted Net Income

The following table provides a reconciliation of net income (GAAP) to adjusted net income (non-GAAP) for the periods indicated:

Three Months Ended

Years Ended

December 31,

December 31,

(in thousands, except per share amounts)

2012

2011

2012

2011

Net income (loss) - as reported

$

75,287

$

(82,825

)

$

431,689

$

548,137

Adjustments for certain non-cash and unusual items:

Unrealized (gain) loss on commodity and interest rate derivatives

13,120

313,293

(103,907

)

(61,504

)

Impairments of long-lived assets

-

363

-

439

Leasehold abandonments

3,161

4,555

12,395

5,350

Other settlements

3,242

-

3,242

-

Discontinued operations:

Leasehold abandonments

-

385

-

385

(Gain) loss on sale of assets

18,704

6,007

18,704

(135,943

)

Tax impact (a)

(13,953

)

(122,700

)

26,505

73,258

Adjusted net income

$

99,561

$

119,078

$

388,628

$

430,122

Adjusted basic earnings per share:

Adjusted net income per share

$

0.96

$

1.16

$

3.77

$

4.19

Weighted average shares used in adjusted basic earnings per share

103,494

102,771

103,190

102,581

Adjusted diluted earnings per share:

Adjusted net income per share

$

0.96

$

1.15

$

3.74

$

4.15

Weighted average shares used in adjusted diluted earnings per share

104,194

103,770

103,972

103,653

(a)

The tax impact is computed utilizing the Company's adjusted statutory effective federal and state income tax rates. The income tax rates for the three months ended December 31, 2012 and 2011 were approximately 36.5% and 37.8%, respectively, and 38.1% and 38.3% for the years ended December 31, 2012 and 2011, respectively.

Product Features:

To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.